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The daily strategy - the different point of view

  • #161
  • Jul 27, 2017 5:03pm Jul 27, 2017 5:03pm
http://forexop.com/strategy/stop-los...s-max-returns/

A nice article about how to place a stop and target because of the volatility of the Asset. And the miss concept of risk reward.

I think it is worth a read
Everyday better.
  • #162
  • Jul 27, 2017 5:08pm Jul 27, 2017 5:08pm
I don't get it. Are you bashing me or what?
  • #163
  • Jul 27, 2017 5:11pm Jul 27, 2017 5:11pm
What? No? I only try to help to improve. 3 pips profit can not be the Holy grail for every currency.

AnD i believe in every thing in live 90% of People are wrong so why should be a high risk reward the only way to trade with profit.
Everyday better.
  • #164
  • Jul 27, 2017 5:29pm Jul 27, 2017 5:29pm
Quoting ewebb205
I don't get it. Are you bashing me or what?
Disregard that. I know what you mean
  • #165
  • Jul 27, 2017 5:35pm Jul 27, 2017 5:35pm
Of course no Problem. Most of the guys Stuck in their mindset and are not able to let something different in.

For now I will sleep a nice night to you.
Everyday better.
  • #166
  • Jul 27, 2017 5:39pm Jul 27, 2017 5:39pm
I agree. Have a good one.
  • #167
  • Jul 27, 2017 7:21pm Jul 27, 2017 7:21pm
Attached is a video of yesterday's trade. 7/27/17 @ 705 pm ct time
Use you charts to see the results.
I entered a short stop @ 1.16753 market open after a set of legs pattern showed itself on the daily eur/usd.
To @ 1.16724 which is 3.1 pips away with a position size of 0.40 lots (4 dollars a pip).
LETS SEE WHAT HAPPENS.
  • #168
  • Jul 27, 2017 7:22pm Jul 27, 2017 7:22pm
Excuse me that's today's trade. When the to triggers it will I will then making it yesterday.
  • #169
  • Jul 27, 2017 7:23pm Jul 27, 2017 7:23pm
Man this auto spell correcting is fucking me up
  • #170
  • Jul 27, 2017 7:40pm Jul 27, 2017 7:40pm
give me a second the file is too big too send.
  • #171
  • Jul 27, 2017 7:56pm Jul 27, 2017 7:56pm
Quoting ewebb205
{quote} Sorry I didn't notice your post until now but I don't use stop losses only emergency stops and that's rarely. I'll post this thread when I take my trade tonight and walk through my process and procedure. I don't know how to live trade through the website will you explain that to me and maybe I will try that tonight?
Thanks for that.
What I meant by "live trade".....was to ask you to post a chart that shows your entry.....

where your "emergency stop" is (how many pips are you willing to risk?)......

and your take profit. (Do you place a take profit price when you set the trade up?....or do you just watch and wait for price to hit that price level?)

And lastly.....3 pips target......I assume that will be 3 pips + spread?

Thankyou.
  • #172
  • Jul 27, 2017 7:58pm Jul 27, 2017 7:58pm
Quoting MichaelG
{quote} Thanks for that. What I meant by "live trade".....was to ask you to post a chart that shows your entry..... where your "emergency stop" is (how many pips are you willing to risk?)...... and your take profit. (Do you place a take profit price when you set the trade up?....or do you just watch and wait for price to hit that price level?) And lastly.....3 pips target......I assume that will be 3 pips + spread? Thankyou.
Yes it will
  • #173
  • Jul 27, 2017 9:27pm Jul 27, 2017 9:27pm
Quoting dkrock
{quote} That explains why you have a tick mentality. Until I read this, I could not understand why you were scalping a Daily candle for 3 pips. Makes sense now. Honestly I never thought of that kind of action before, but it does make sense. I don't have any interest in 3 pips/day/pair, but if that is all you need/want, it seems viable. I would seriously consider a fixed stop loss though. Simple CYA for that day you are wrong. Why spend all the time, effort, and money to give it back by not limiting a loss? If you did enough research to know you...
why should I be worried about a sl if I clearly said that everyday the market moves at least 3 pips in both directions?
get the fuck off my thread. I clearly said as a chart trader I identify things that your brain don't have the capacity to understand obviously.
  • #174
  • Jul 27, 2017 9:28pm Jul 27, 2017 9:28pm
anyways guys I cant upload this video email wont let me google drive nor anything else sorry.
track my trade through the description and prices I gave though thank you and sorry
  • #175
  • Jul 27, 2017 9:50pm Jul 27, 2017 9:50pm
[quote=dkrock;10130931]{quote} That explains why you have a tick mentality. Until I read this, I could not understand why you were scalping a Daily candle for 3 pips. Makes sense now. Honestly I never thought of that kind of action before, but it does make sense. I don't have any interest in 3 pips/day/pair, but if that is all you need/want, it seems viable. I would seriously consider a fixed stop loss though. Simple CYA for that day you are wrong. Why spend all the time, effort, and money to give it back by not limiting a loss? If you did enough research to know you can profit 3 pips + spread on most days, then you can research how far price moved against you before you got those pips each day. Simply use a lower time frame chart and observe what happened inside that Daily candle. Find a maximum drawdown that still paid you, add the spread plus a few extra pips to that value, and then use it as a stop loss. Much better than letting your loser just run and run and run. Sounds good for demo. Sucks for live.[/quot

A tick mentality? Good for a demo but sucks for a live?
Right. Fuck off.
  • #176
  • Jul 27, 2017 11:49pm Jul 27, 2017 11:49pm
Quoting ewebb205
{quote} why should I be worried about a sl if I clearly said that everyday the market moves at least 3 pips in both directions? get the fuck off my thread. I clearly said as a chart trader I identify things that your brain don't have the capacity to understand obviously.
Wait what.. so you think you're going to have a 100% win rate for your strategy? I read in a post a couple pages back by yourself that wickless daily candles happen only a couple times a year... so, what happens when that day comes and you've wiped out half or more or blown your account in one sitting?

Also how do you determine your position size if you don't know what you're willing to risk or what the drawdown may be? Just briefly scanning the charts just on EURUSD I see many drawdowns of 20-50 pips before coming back to make your 3pips in the opposite direction. Also you'll need a HUGEaccount to withstand the drawdown if you want to make anything substantial from 3 pips once you start trading larger lots to make 3 pips worth while.

PS. Looks like you would have blown your account 27/06/17 if you had gone short, and this is only one month back . This post isn't meant to deter you, at the end of the day it's your money, but I think you should take other people's advice on board and only trade with what you can afford to lose.
Attached Image (click to enlarge)
Click to Enlarge Name: blown-account.jpg Size: 247 KB
  • #177
  • Jul 28, 2017 1:09am Jul 28, 2017 1:09am
Quoting ewebb205
anyways guys I cant upload this video email wont let me google drive nor anything else sorry. track my trade through the description and prices I gave though thank you and sorry
You can upload it to Youtube.
  • #178
  • Jul 28, 2017 1:51am Jul 28, 2017 1:51am
Quoting ewebb205
{quote} Be advised that I put my entry in 30 minutes before close is because my spreads aren't widened yet. These trades are for the next trading day (start of the Asian session).
How do you place orders in advance in mt4? Do you use an EA?
  • #179
  • Edited 4:14am Jul 28, 2017 3:05am | Edited 4:14am
Just did an excel on the EU D1 data on NY close. Wicks smaller than 3 on the open side of the candle (bear: H-O and bull O-L). Spread not included.

Last 7,5 years: 168 times <3 (91,82%)
Last 5 years: 98 times <3 (92,46%)
Last 3 years: 57 times <3 (92,64%)
Last year: 21 times <3 (91,83%)

So not 99%

Profitability last 7,5 years if tp= 3 pips and exit is @ close of the day: -4239 pips
  • #180
  • Edited 4:40am Jul 28, 2017 3:16am | Edited 4:40am
Quoting Anusragger
Just did an excel on the EU D1 data on NY close. Wicks smaller than 3 on the open side of the candle (bear: H-O and bull O-L). Spread not included. From Wick is <3 02-03-10 168 times 01-08-12 98 01-08-14 57 01-08-16 21
Thanks! That's a lot!
Typically there are two types of strategies:
1) Focus on fixed small TP, lot of small wins, rare losses or even huge losses for making winning percent higher.
2) Focus on catching the bigger moves, but with many small losses and wins.

First trading style is killing the account with strong movements against the trade.
Second bleeds empty in the ranging markets.

What do you prefer?

SP
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